Closing Market Commentary For 03-25-2013
Markets closed down, mostly sideways since noon on low to moderate volume and generally directionless. There was a lot of back and forth within a narrow range as the averages stayed below the green line but never taking on the bulls in a all out decline.
Hard to say where the markets are going next after solidly bouncing off the highs 6 sessions ago. Every time there has been a consolidation the markets moved up. Is this what Mr. Market has in mind?
According to the English language epaper the Ekathimerini, Mr. Simos Kedikoglou suggested that Cyprus faced little choice but to accept significant losses for large depositors as part of an effort to overhaul its banking system. In his statement, he also warned that other countries should not seek to take advantage of Cyprus’s economic weakness.
In President Karolos Papoulias’ speech today, marking the Greek Independence Day on Monday, Papoulias described the agreement between Cyprus and the troika as “intolerable” and “selective”. Also rumored is the Russian businessmen there are looking to exit the island.
The DOW at 4:00 is at 14447 down 64 or -0.44%.
The SP500 is at 1551 down 5 or -0.33%.
SPY is at 155.08 down 0.50 or -0.32%.
The $RUT is at 945.85 down 0.42 or -0.04%.
NASDAQ is at 3235 down 9.70 or -0.30%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bullish and the current bias is up.
WTI oil is trading between 93.70 and 95.65 today. The session bias was bullish and is currently trading down at 94.57.
Brent crude is trading between 107.20 and 108.65 today. The session bias was bullish and is currently trading down at 107.57.
Gold fell from 1612.70 earlier to 1589.68 and is currently trading up at 1604.32.
Dr. Copper is at 3.45 down from 3.49 earlier.
The US dollar is trading between 82.29 and 83.05 and is currently trading up at 83.05, the bias is currently bullish.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary